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In Chapter 5, Fundamentals of GDP Accounting (18 pages), the author considers the importance of and methods for measuring output. He presents the three basic approaches to measuring output: value added, income, and expenditure (and reviews the expenditure method in depth). He also examines the role of depreciation and looks briefly at gross national product (GNP). He explains adjustments to GDP that enable historical and cross-country comparisons, including inflation and purchasing power. He reviews the underlying sources and sustainability of economic growth.

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Chapter 6, Reading a Balance of Payments Statement (15 pages), defines the essential information in a balance of payments (BOP) statement. The author explores how to read and analyze a BOP and explains how to look for indicators of economic health. The chapter concludes with a short essay on how accounting rules are evolving at the International Monetary Fund (IMF).

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To teach the principles of macroeconomics to enable better managerial understanding and decision-making.

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In Chapter 7, Understanding Exchange Rates (9 pages), the author identifies critical factors that have both long- and short-term impact on exchange rates. He explores how a country's current account balance, inflation rate, and interest rates affect its currency. He argues that, despite these theories, the currency market is unpredictable and shares overall guidelines for understanding global currency.

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To teach the principles of macroeconomics to enable better managerial understanding and decision-making.

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In Conclusion, Putting the Pieces Together (10 pages), the author reviews the key concepts in his description of macroeconomics and summarizes the relationships between them. He explores the concept of macroeconomics as an inexact science that provides a baseline for analysis and cautions against the dangers of accepting macroeconomic theory as ironclad prediction. The chapter includes an epilogue on the financial crisis of 2007-2009.

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To teach the principles of macroeconomics to enable better managerial understanding and decision-making.

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In this revised and updated edition of "A Concise Guide to Macroeconomics," David A. Moss draws on his years of teaching at Harvard Business School to explain important macro concepts using clear and engaging language. This guidebook covers the essentials of macroeconomics and examines, in a simple and intuitive way, the core ideas of output, money, and expectations. Early chapters leave you with an understanding of everything from fiscal policy and central banking to business cycles and international trade. Later chapters provide a brief monetary history of the United States as well as the basics of macroeconomic accounting. You'll learn why countries trade, why exchange rates move, and what makes an economy grow. Moss's detailed examples will arm you with a clear picture of how the economy works and how key variables impact business and will equip you to anticipate and respond to major macroeconomic events, such as a sudden depreciation of the real exchange rate or a steep hike in the federal funds rate. Read this book from start to finish for a complete overview of macroeconomics, or use it as a reference when you're confronted with specific challenges, like the need to make sense of monetary policy or to read a balance of payments statement. Either way, you'll come away with a broad understanding of the subject and its key pieces, and you'll be empowered to make smarter business decisions. In Chapter 1, Output (27 pages), the author discusses output - the first of three pillars that make up his description of the fundamentals of macroeconomics. He explains the concept of national output, or gross domestic product (GDP), and its role at the center of macroeconomics. He presents the methods used to measure GDP, the issue of over-counting, and the exchange of output across countries. He examines the forces behind economic growth and decline, including labor, capital, and efficiency. He also explains why wealth is not a factor in his discussion of output.

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To teach the principles of macroeconomics to enable better managerial understanding and decision-making.

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In Chapter 3, Expectations (19 pages), the author discusses expectations - the third of three pillars that make up his description of the fundamentals of macroeconomics. The author examines inflation and ways to control it. He looks at how to manage declines in output through monetary policy and fiscal policy and reviews Keynesian fiscal policy. He also examines interest rates and exchange rates in relation to expectations.

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Chapter 4, A Short History of Money and Monetary Policy in the United States (12 pages), provides a brief history of U.S. monetary policy from the inception of the dollar to the present time as a way to illustrate many of the macroeconomic principles and relationships highlighted in chapters 1 - 3. The author considers the nature of the gold standard, the creation of the Federal Reserve, and the evolution of inflation targeting up to the recent financial crisis of 2007-2009.

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To teach the principles of macroeconomics to enable better managerial understanding and decision-making.

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In Chapter 2, Money (34 pages), author discusses money - the second of three pillars that make up his description of the fundamentals of macroeconomics. The author explains how interest rates, exchange rates, and aggregate price levels constitute the "price" of money. He presents the concepts of "nominal" and "real" using GDP, interest rates, and exchange rates to illustrate differences between the two. He also presents an overview of the banking system and its influence on money supply. He ends the chapter with a discussion of the three key elements of monetary policy: disco

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Understanding the Ground Rules for the Global Economy. In this revised and updated edition of "A Concise Guide to Macroeconomics," David A. Moss draws on his years of teaching at Harvard Business School to explain important macro concepts using clear and engaging language. This guidebook covers the essentials of macroeconomics and examines, in a simple and intuitive way, the core ideas of output, money, and expectations. Early chapters leave you with an understanding of everything from fiscal policy and central banking to business cycles and international trade. Later chapters provide a brief monetary history of the United States as well as the basics of macroeconomic accounting. You'll learn why countries trade, why exchange rates move, and what makes an economy grow. Moss's detailed examples will arm you with a clear picture of how the economy works and how key variables impact business and will equip you to anticipate and respond to major macroeconomic events, such as a sudden depreciation of the real exchange rate or a steep hike in the federal funds rate. Read this book from start to finish for a complete overview of macroeconomics, or use it as a reference when you're confronted with specific challenges, like the need to make sense of monetary policy or to read a balance of payments statement. Either way, you'll come away with a broad understanding of the subject and its key pieces, and you'll be empowered to make smarter business decisions.

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In America today there's a growing sense that the political system is broken and that its ineffectiveness is a major threat to U.S. competitiveness. Why do so many think the political system is not working? Research shows that in Congress, Republicans and Democrats are more polarized than ever. They seem pulled apart by two starkly different conceptions of government: one viewing the government as inefficient, invasive, and easily corrupted, and another seeing it as a vehicle for solving people's problems. Yet the ideological divide may not be the true source of the breakdown. A look at U.S. history shows it's not new. Moreover, sharp ideological battles have often proved highly productive in policy terms, delivering the best ideas from both sides. In the 1840s, for instance, state politicians who were deeply skeptical of government pushed hard for balanced budget amendments while politicians at the other end of the spectrum demanded free public schools for all. In the end many states adopted both policies--a combination that proved enormously powerful. The problem today is that too many have come to view politics as war, where victory is paramount and "compromise" is a dirty word. This take-no-prisoners approach, which came into sharp relief during the debt-ceiling debate, threatens to cripple the best-of-both dynamic. Revitalizing America's culture of democracy--where the health of the nation comes first, above economic interest, party, and ideology--is essential. Business leaders must play a large role in this effort, because the implications for the economy are so great.

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